If you’re looking for an affordable place to invest that has year-round activities, the Poconos is the place for you! Whether that’s shopping, skiing, hiking, boating, etc., there is no shortage of entertainment for all ages. Just like any investment, it is important to do your research prior to purchasing a property to make sure there are no surprises. Here are four things you should be thinking about:
This is one of the most important things to remember when looking for an investment property in the Poconos. This area consists of over 300 private communities and there is a good chance your property will be part of one. On top of this, each HOA has their own rules when it comes to rentals. You will receive a copy of the HOA documents when you go under contract, but it’s best to try and find out everything you can prior to purchasing.
While the Poconos is a popular area for vacation rentals, it is also home to many full-time residents. Many of those residents live in this area because of the quiet and serene nature, and they protect that by placing restrictions on rentals. It is important to be respectful of the full-time residents and make sure your tenants know and abide by the community rules such as quiet times, trash, and parking rules.
Both townships and communities will require some form of application and fee in order to list a property as a short-term rental. There is no standard fee - every community and township is different. Communities will typically charge a fee either yearly or per rental. For townships, it’s usually done in the form of a permit. Be sure to check both community and township websites for more information.
As you can imagine, things like lakes, fitness centers and pools can be very enticing to your clients; however, you need to find out if tenants are able to use the same amenities as you are and what the rules are around that. For example, sometimes a community will allow a tenant to use the pool, but it will cost them $5 per person each time, or you as the owner may have to buy a certain amount of guest passes yearly which provide access to all amenities.
While you can find communities that are very close to both a lake and a ski resort, typically the community revolves around one or the other, so it is important to know what your goal is and what the popular destinations are around your property. The good news is that no matter where you are in the Poconos, you aren’t far from either one!